How IUL is Sold

[The White Coat Investor]

I got this email in my email box today from "Annuity FYI."

Pity the abysmal standing of cash today. Traditional savings accounts and money market funds pay almost nothing.

Is there any solution?

Fortunately, there is for some people. We like to call it the “Super Savings Account,” or sometimes the “Super Annuity.” It’s not actually an annuity but rather a liquid indexed universal life policy with annuity-like features that offers a respectable return on cash and a highly appealing equity feature for those who have at least $100,000 to invest and are in good health.

The info on the link gets even better:

The fees for the Super Savings Account are particularly low – about 1 to 1.5% annually for a healthy person and 2% for an older, (ages 70+) less healthy person.

Just because you say they're low, doesn't mean they actually are low. It's important to be financially literate so you'll see through statements like these.

[Dicast]

I am generally fearful that my grandparents, parents and siblings will be suckered into these types of offers.  My parents already have an unnecessary/expensive annuity thanks to Edward Jones.

[Craigy]

Dicast wrote:

I am generally fearful that my grandparents, parents and siblings will be suckered into these types of offers.  My parents already have an unnecessary/expensive annuity thanks to Edward Jones.

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Me too. My grandmother has already purchased and subsequently cashed out of at least two annuities.  At least I don't have to worry about her doing that anymore since she is cashless and in credit card debt.  Same for my mother.   :cry:  :lol:  :cry:  :lol:

[PhysicianOnFIRE]

Did you catch one of the latest "articles" on Physician's Money Digest?

Are Annuities Part of Your Retirement Plan? They Should Be, Expert Says by Ken Nuss

The author is an expert. An expert on selling annuities.

In the post-script: Ken Nuss is CEO of AnnuityAdvantage. Based in Medford, Or., AnnuityAdvantage is a leading online provider of fixed-rate, fixed-indexed and immediate income annuities. Its team sorts through the array of annuity options to provide each client with product offerings custom tailored to their specific situation. Every annuity offered is filtered, screened and analyzed for client suitability.

 

[ACN]

Just saw an AD during the Cubs game for annuities through metlife for retirement ????????

That's an expensive TV spot.

[MPMD]

PhysicianOnFIRE wrote:

Did you catch one of the latest “articles” on Physician’s Money Digest?

Are Annuities Part of Your Retirement Plan? They Should Be, Expert Says by Ken Nuss

The author is an expert. An expert on selling annuities.

In the post-script: Ken Nuss is CEO of AnnuityAdvantage. Based in Medford, Or., AnnuityAdvantage is a leading online provider of fixed-rate, fixed-indexed and immediate income annuities. Its team sorts through the array of annuity options to provide each client with product offerings custom tailored to their specific situation. Every annuity offered is filtered, screened and analyzed for client suitability.

 

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I love the way these guys sell about 4-5 products which are basically all subsets of the same thing (cash value life insurance) and they pretend like you are getting super-individualized advice.

I occasionally have email discussion with Financial Planners who want to talk to my residents and when I ask them if they sell cash value LI their response is almost always some variation of "because every situation is so different...."

That's a very odd way to say "yes."

[Hank]

Because every situation is different, I try to sell a product that is inappropriate for more than 90% of the people who buy it. It’s also inappropriate for nearly 100% of medical residents, but it pays me great commissions!